Hi,
We had received demand note from BBMP for Addition & Alteration of Building approval for the old license.
My question is whether these charges should be accounted as addition to building as fixed asset or should it expensed out as rates & taxes. Please help.
Thanks in Advance
Pushpa
Generally such expenses are accounted as revenue expenditures.
It is purely revenue expenses. Revenue expenditures are short-term expenses used in the current period or typically within one year. Revenue expenditures include the expenses required to meet the ongoing operational costs of running a business, and thus are essentially the same as operating expenses (OPEX).
Thank you very much sir
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